How to Get a Home Loan with High Student Debt

Taking on home loan debt is a stressful process no matter who you are or how much money you earn. To make things worse, many people have high student debt and are looking to add a mortgage to this.

Pay Your Student Loans on Time

When you pay your student debt on time, you are helping to better your credit score. In turn, mortgage lenders will be more likely to do business with you because you have been a responsible borrower in the past.

Don’t Shop for Too Much

The more student loan debt you have, the less you are going to be able to afford when buying a home. The last thing you want to do is take on more home loan debt than you are comfortable with. As you speak with lenders and apply for a mortgage, you will get a better idea of how much you can afford and what lenders are willing to offer you.

If you want to get a home loan regardless of high student debt, you need to do what you can to raise your credit score while also being reasonable with your real estate expectations.

blog comments powered by Disqus